McLane bought the Astros in 1992 for $117 million, with most of the money coming from his 1990 sale of the family-owned McLane Company, a food services and supply firm, to Wal-Mart. (Wal-Mart sold the company to Berkshire Hathaway in 2003). Having advised McLane on his acquisition of the team almost two decades ago, King & Spalding reprised its role as counsel to McLane and the Astros on the sale to Crane.

Another interesting wrinkle in Crane's acquisition of the Astros is the team's current lease with the Harris County-Houston Sports Authority, which manages the facilities for the Astros, Rockets, and National Football League's Houston Texans.

During McLane's tenure as owner, the Astros had one of the most successful runs in franchise history, qualifying for the playoffs six times and posting the fourth-best record in the National League. The team lost the 2005 World Series to the Chicago White Sox. McLane's sale of the franchise to Crane requires the approval of MLB and team owners. The process is expected to take four to six weeks.